SanTai Shares Posts Profit Slump as AI SaaS Project Is Delayed to 2028

SanTai Shares (301558.SZ) reported a sharp earnings decline in the first half of 2026, with revenue down 5.78% year on year to 779 million yuan, net profit attributable to shareholders down 61.85% to 8.8722 million yuan, and non-GAAP net profit turning to a loss of 2.4615 million yuan, according to Jiemian News. Operating cash flow fell to negative 726,200 yuan from 44.7351 million yuan a year earlier. The company said gross margin improved to 35.12% from 31.74%, but profit was hit by a 25.4226 million yuan foreign-exchange loss as the renminbi strengthened. SanTai also said non-recurring gains of 11.3337 million yuan, mainly from wealth-management returns, helped support earnings, while sales expenses fell 2.66% and R&D spending dropped 15.13%. Jiemian News reported that SanTai’s IPO proceeds have been used slowly. Of the 762 million yuan net raised in September 2023, the company had used 379 million yuan by June 30, leaving 407 million yuan unused. Its AI SaaS project, renamed from a warehouse upgrade plan, had used only 20.6402 million yuan, or 19.1% of the planned investment, and on August 25 the board extended its expected ready-for-use date from September 30, 2026 to September 30, 2028. The company also said its Hong Kong unit planned to invest $2 million in an overseas AI private equity fund in January 2026.